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Legislative Assembly for the ACT: 2021 Week 12 Hansard (Thursday, 25 November 2021) . . Page.. 3676 ..

and financial assumptions. That resulted in a slight increase in the projected liability valuation and superannuation expense.

These are for good reasons, in that more people are choosing a pension rather than a lump sum payment, including non-indexed pension election from eligible members, and what, perhaps, in actuarial speak, could be referred to as improvements in pensioner mortality, which means people are living longer. That is a good thing, but it does, of course, lead to an increase in the long-term liability. It is perhaps a happy increase, in that people are enjoying a longer retirement and are electing to take a pension rather than a lump sum.

In closing, the government remains fully committed to fully funding the future defined benefit employer superannuation liabilities through the accumulation of capital in the superannuation provision account. Where we invest has been the subject of considerable discussion over the estimates period, as it is every year. It is important to acknowledge that the performance of the investment has exceeded the CPI, plus whatever the target above CPI is, in most of the years of the history of this account, which is a testimony to some very good investment policies from the territory government. I commend this line in the appropriation bill to the Assembly.

Proposed expenditure agreed to.

Environment, Planning and Sustainable Development Directorate—Part 1.10.

MS CASTLEY (Yerrabi) (10.43): I will speak in my capacity as the shadow minister for the environment. On 6 October, the Chief Minister and Treasurer handed down the budget and talked about real climate action and environment protection. The Chief Minister and the Greens talk about being leaders and innovators on climate action. From reading the budget, one wonders whether they mean what they say.

The focus of this budget is on reducing emissions from government operations through programs such as electric emergency vehicles and energy efficiency upgrades for government offices in Woden. While acknowledging the importance of government reducing its own emissions, the Canberra Liberals do not want this to be at the expense of the real challenge of achieving significant reductions across the community.

It is interesting that the Auditor-General’s report revealed that government operations accounted for only four per cent of the territory’s emissions in 2020. Canberrans want to see the government taking strong action on climate change. They also want to see the benefits in their homes and neighbourhoods. The Canberra Liberals are disappointed that the budget does not focus enough on supporting the wider community to reduce their emissions.

The Canberra Liberals are concerned to see that, in our tripartisan commitment to strong climate action, vulnerable Canberrans are not left behind. The government’s vulnerable household scheme has copped criticism for receiving only 10 per cent of the $50 million that was agreed in the parliamentary agreement. Just 10 per cent of the $50 million has been directed to the vulnerable household scheme.

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